BW Offshore

Long-Term Incentive Programme new awards

With reference to stock exchange release dated 8 April 2019.

The Board of Directors of BW Offshore Limited ("BWO" or the "Company") has approved the award of share options under the Long-Term Incentive Programme (LTIP) adopted in 2019, to align the interests of the participating employees with those of the Company's shareholders. This is the third annual award under the LTIP. The LTIP is discretionary, and participants are invited on an annual basis.

The total number of options awarded under the LTIP for 2021 is 1,849,600 where each option will give the holder the right to acquire one BW Offshore share. A total of 60 BW Offshore employees have been invited to participate in the programme.

The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 26 February 2021 is NOK 42.38.

The options will have a vesting period of three years, followed by a three years exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date.

The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.

The following primary insiders of the Company have been awarded options under the LTIP for 2021:

 1. Chief Executive Officer, Marco Beenen
      Options awarded: 305,500
      Total number of options: 961,750
      Shares held: 46,692

 2. Chief Financial Officer, Ståle Andreassen
      Options awarded: 100,375
      Total number of options: 238,000
      Shares held: 229,273

3. Chief Commercial Officer, Rune Bjorbekk
     Options awarded: 100,375
     Total number of options: 316,000
     Shares held: 159,128

 4. Chief Operating Officer, Kei Ikeda
      Options awarded: 100,375
      Total number of options:  316,000
      Shares held: 20,188

 5.  General Counsel, Magda K. Vakil
      Options awarded: 100,375
      Total number of options: 238,000
      Shares held: 14,834   (including ownership of close associate)

For further information, please contact:
Ståle Andreassen, CFO, +65 97 27 86 47
Anders S. Platou, Head of Corporate Finance, +47 99 50 47 40

IR@bwoffshore.com or www.bwoffshore.com

About BW Offshore:
BW Offshore engineers innovative floating production solutions. The Company has a fleet of 15 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored energy solutions for evolving markets world-wide. BW Offshore has around 2,000 employees and is publicly listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act